-Based on the Data in the Above Table, to Assure

question 68

Multiple Choice

-Based on the data in the above table, to assure that the efficient amount is produced the government can

• A) subsidize the suppliers $8 per unit.
• B) subsidize the suppliers $2 per unit.
• C) tax suppliers $2 per unit.
• D) tax suppliers $8 per unit.

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Definitions:

Instructions

Directives or commands that are followed to achieve a particular end, often detailed steps on how to complete a task or operate something.

Significance Level

The probability of rejecting the null hypothesis in a statistical test when it is actually true, typically denoted by alpha.

Rule of Five

A statistical rule of thumb asserting that normal approximation can be used if an expected frequency is 5 or more in all categories of a binomial distribution.

Chi-squared Goodness-of-fit Test

A statistical test to determine if observed data deviates significantly from the expected distribution.